HPL Electric and Power Ltd reports revenue of ₹ 308 Crores in Q4 FY21

Indian electric equipment company HPL Electric and Power Ltd. released its financial results for the fourth quarter of the fiscal year 2021 (April’20 to March’21) yesterday, reporting total revenue of ₹ 308 Crores, led by robust growth in the Metering and Consumer segment (B2C).

The metering business witnessed an improved performance in Q4 FY21 than the previous three quarters due to increased inspections and dispatches. It clocked a revenue of ₹142 crores in Q4FY21, thereby registering a growth of 93% YoY and 29% QoQ. The company also reported that the ‘Consumer’ segment (including non-utility meters) witnessed strong traction and posted a robust 20% YoY growth in revenues to ₹ 166 crores in Q4 FY21.

During the period, the lighting segment revenue grew by 31% YoY and 37% QoQ to ₹ 89.2 crores in Q4 FY21. The wires and cables segment revenue grew by 99% YoY and 31% QoQ to ₹ 26.3 crores in Q4 FY21. The growth in the wires and cable segment was also aided by an increase in copper prices. The switchgear segment revenue stood at ₹ 50.8 crores in Q4 FY21.

HPL explained that the rationalisation of employee expenses and overheads helped the company to report an EBITDA of ₹ 44 crores (EBITDA Margin of 14.2%) in Q4 FY21, while Cash PAT grew exponentially by 117% YoY to ₹ 26 crores. Additionally Exports grew at a robust pace of 174% YoY in Q4 FY21 and 69% YoY in FY21, respectively.

Mr. Gautam Seth, Joint Managing Director, said, “The performance during the Q4 FY21 was attributed by the robust performance of both the metering (B2B) and the consumer (B2C) segment thereby resulting in highest ever quarterly revenue during the last eight quarters at ₹ 308 Crores.”

“Currently, we have a strong order book of ₹ 704 Crores ensuring revenue visibility for the current year despite the lockdown in Q1FY22 which have caused few disruptions. We are extremely delighted to share that we have received approval and production clearance from a leading Private Distribution Company for the implementation of 4G and 5G compatible Narrow Band-Internet of Things (NB-IoT) based Smart Meters in various parts of Delhi,” he added.

HPL is currently said to be catering to 45 countries for exports. The company’s testing lab for LED lighting was certified by National Accreditation Board for Testing and Calibration Laboratories (NABL) for independent testing of LED lighting. Their LV switchgear testing laboratory in Jabli, Himachal Pradesh, has been accredited with IECEE certification for independent testing of MCB & RCCB for KEMA and CB certification by DEKRA, Netherlands. These certifications are expected to enable HPL access to 53 more countries.